Is it the time of the year when you started thinking about that beachfront property or a cozy cabin in the woods you've been dreaming of? We have just the mortgage to make your vacation home dreams a reality.

Ontario cottage in the woods with a large deck

Owning a second home or vacation property has become increasingly difficult in recent years due to stricter requirements from lenders. In order to qualify for a mortgage on a second home, borrowers must now prove that they have the ability to make payments on both properties. This is often done by showing a significant amount of equity in the first home or having a sizeable down payment.

At The Mortgage Firm, we understand that owning a second home or vacation property is a big financial decision. That's why we're here to help you explore your options and find the best mortgage solution.

Second Home

A second home is a real estate property that you own and occupy at least part of the time.

Mortgage lenders have different requirements for borrowers who are looking to finance a second home. If you are not going to live in the property, it is considered an investment property. This means that you will have to meet different requirements to get a mortgage.

Assuming you already own a home with equity, you could use that equity as collateral to take out a second mortgage on a new home.

Cozy bedroom of a secondary home in Ontario during the winter
Modern patio poolsize in a tropical vacation home

Vacation Home

The market for vacation homes in Canada has seen significant growth and is expected to continue growing in the coming years. Some of the most popular types of properties include lakeside residences and condominiums in the country's biggest winter resorts.

Lakeside residences are among the most popular types of vacation homes in Canada. These properties offer beautiful views of the water and often come with a private dock or beach. Condominiums are another popular type of vacation home. These properties are often located in resort areas and offer a variety of amenities, such as swimming pools, fitness centers, and concierge services.

Vacation homes are not considered to be primary residences and therefore are available only for purchase, while second homes are available for purchase and refinancing.


Several sources of financing can be used for a second home mortgage, including:

  • Mortgage refinance
  • Home equity line of credit (HELOC)
  • Second mortgage
  • Reverse mortgage

Each of these financing options has different costs, so it is very important that you contact The Mortgage Firm to find the best solution for you. We can help you compare the different options and find the one that's right for you.

There are a few things to bear in mind when considering a vacation property:

  • Must be accessible and suitable for occupation year-round, whether by road or by ferry
  • Must have residential-standard water and septic system, electrical and heating
Lets get started


Your mortgage matters. To learn about your mortgage options, lock in your mortgage rate and more – whatever you need, we’ll do the work for you.